North Korea has allegedly stolen as much as 1 billion worth of cryptocurrency assets, with the UN monitoring the country’s alleged actions of bypassing international economic sanctions through the use of cyber-attacks. According to a recent report by the United Nations panel responsible for monitoring the enforcement of sanctions against Pyongyang, the estimated amount of stolen virtual assets almost tripled from $630 million in 2021 to an estimated $1 billion in 2022, and is believed to have affected the momentum of Bitcoin's exchange rate. The UN report also highlighted the operations of “HOlyGhOst” a hacker organization with connections to North Korea, that has been involved in financial attacks targeting SMEs. Using ransomware, the organization has allegedly extorted money from these businesses.

The cyber-attacks and attempts to exploit digital assets are an ongoing effort from North Korea to evade international economic sanctions, which have been imposed on the country due to its nuclear weapons program. The sanctions, combined with the situation in the country, have presented North Korea with difficulties that have encouraged the country to take measures to bypass international economic law.

The suspicious activities of North Korea have been a major concern for national governments and international organisations. North Korea’s actions have had dire consequences for the cryptocurrency sector, and have undoubtedly contributed to the increasing burden of cyber-threats. With the North Korean government using all possible ways to launder money and bypass sanctions, it becomes increasingly difficult for business entities in many countries, to stay ahead of any potential harmful operations. It is, therefore, imperative that governments and businesses remain vigilant when dealing with digital currencies, including motivating them to develop and update effective procedures, systems and practices in order to protect their business activities from cyber security threats.



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